THE WHAT? AmorePacific is set to pull its Innisfree brand from the North American market, and has begun shuttering stores in the region.
THE DETAILS Having launched into North America in 2017, the Korean beauty brand will close all stores going forward, and has already closed four stores in Canada.
North American consumers can still purchase the brand via Sephora’s online store.
THE WHY? The ongoing pandemic is said to have hit sales of the Innisfree brand within North America.
An AmorePacific official said, “We opened our first Innisfree store in Canada to introduce updated K-beauty products there, but due to the prolonged COVID-19 situation, we have decided to close down our shops.”
According to a report by the Korea Times, the brand is also losing popularity in China, with the rise in luxury dominance hurting the bottom line of mid-priced products such as Innisfree.
The brand, having already closed 140 stores in China, will close 170 more by the end of the year, with the company stating that the emergence of health and beauty stores and the online shopping boom affected bricks and mortar stores.